The parent company of Portland-based Umpqua Bank is setting up a new Silicon Valley unit tasked with "disrupting and advancing bank innovation".
Pivotus Ventures promises to use a collaborative model, with its own small, start-up stype team working with outside experts in areas such as data analytics and user design to develop and test new digital products and services.
Umpqua Bank will serve as a real-time test environment to determine quickly the strength and scalability of new platforms.
"In collaboration with like-minded organizations, Pivotus will be focused on creating new digital models that accelerate growth, add accretive revenue and enhance the customer experience across all channels," says Ray Davis, CEO, Umpqua Holdings.
"By bringing together the expertise of companies nationally and internationally, Pivotus will be uniquely positioned to develop and scale industry-changing innovation quickly and effectively."